Valuation or Appraisal ?  What is the difference ?

Valuations are required when a definitive value is needed. Reasons are varied and for specified purposes .eg. stamp duty, insurance, family law, retrospective valuation, capital gains tax , a property settlement, obtaining finance from a lending institution or establishing the value of a deceased estate. A Court may also order that a valuation be obtained as part of the process of resolving a dispute.

Appraisals are only intended as a guide to pricing and can be requested from real estate salespeople. Appraisals are estimated by knowledge of the local area and recent sale prices and should only ever be used as an estimate of price. They are not definitive and have no legal standing. It is rare to charge a fee for appraisals and they are generally only requested by  potential vendors to get a ‘feel’ for the market.

If you do require the best indication of price, engage the services of a qualified valuer so that you can be sure of the true value of your property.

Robert Darcy, the principal of Darcy Real Estate is a registered Residential Real Estate Valuer Reg. # 6248.